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Ionic Rare Earths Limited ( ASX: IXR) (IonicRE or the Company) is pleased to provide its Quarterly Report for the period ending 31 March 2022, including exploration activities at its 51% owned Makuutu Rare Earths Project (Makuutu) in Uganda
HIGHLIGHTS
- Fourth Tranche of Phase 4 drilling results received with all 75 holes intersecting rare earth element (REE) mineralised clay above the Mineral Resource Estimate (MRE) cut-off grade
- Fifth Tranche of Phase 4 drilling results received with all 110 holes intersecting rare earth element (REE) mineralised clay above the MRE cut-off grade
- Sixth and final Tranche of Phase 4 drilling results received with all 66 holes intersecting rare earth element (REE) mineralised clay above the MRE cut-off grade
- Completed due diligence and post end of Q1, received UK Government approval and completed acquisition of 100% of Seren Technologies Limited,
- Post end of Q1, completed Capital Raise of $30 million at an issue price of $0.074 per Share to global institutional investors
Makuutu is one of the world’s largest scale ionic adsorption clay (IAC) hosted Rare Earth Element (REE) deposits, located 120 km east of Kampala in Uganda. The Makuutu Mineral Resource Estimate (MRE) (ASX: 3 March 2021) was announced at 315 Million tonnes at 650 ppm Total Rare Earth Oxide (TREO) with a cut-off grade of 200 parts per million (ppm) TREO minus Cerium Oxide (TREO-CeO2). A revised MRE is in preparation to incorporate the outstanding results from the Phase 4 drilling program completed in 2021, of which the remaining three (3) tranches were reported in the quarter.
Phase 4 Drilling Results
Tranche Four
On 6 January 2022, IonicRE reported results for Tranche Four (4) of the 8,220 metre Phase 4 drill program completed in October 2021 at the Makuutu Rare Earths Project (“Makuutu” or “the Project”) in Uganda.
Drill assay results were received for a further 75 drill holes making up the Tranche 4 submission. The results were for holes drilled within the existing inferred and indicated Mineral Resource Estimate (MRE) at the Makuutu Central Zone, resource areas G and H, and to evaluate Exploration Target C, that was excluded from the 2021 MRE due to limited drill hole density. Figure 1 provides an illustration of the drill hole assay results reported in Tranche 4.
All 75 holes reported delivered clay and saprolite mineralisation intersections above the cut-off grade of 200 ppm Total Rare Earth Oxide less CeO2 (TREO-CeO2), consistent with the initial drilling phases (2019 and H1 2020) and the current MRE.
Notable thick, high-grade and near surface intervals reported from the Tranche 4 assay results included:
- RRMDD539 8.9 metres at 1,476 ppm TREO from 4.3 metres
- RRMDD477 13.5 metres at 1,432 ppm TREO from 3.5 metres
- RRMDD518 16.5 metres at 1,424 ppm TREO from 5.4 metres
- RRMDD514 8.7 metres at 1,336 ppm TREO from 12.3 metres
- RRMDD533 9.6 metres at 1,296 ppm TREO from 3.1 metres
- RRMDD520 28.5 metres at 1,250 ppm TREO from 2.9 metres
- RRMDD523 16.4 metres at 1,229 ppm TREO from 4.1 metres
- RRMDD521 18.6 metres at 1,200 ppm TREO from 4.7 metres
- RRMDD534 13.8 metres at 1,185 ppm TREO from 3.0 metres
- RRMDD517 15.1 metres at 1,175 ppm TREO from 5.4 metres
- RRMDD535 15.2 metres at 1,171 ppm TREO from 4.3 metres
- RRMDD513 16.3 metres at 1,126 ppm TREO from 2.9 metres
- RRMDD532 15.3 metres at 1,105 ppm TREO from 4.2 metres
- RRMDD488 22.1 metres at 1,080 ppm TREO from 4.9 metres
- RRMDD467 20.1 metres at 1,077 ppm TREO from 5.8 metres
- RRMDD546 10.3 metres at 1,076 ppm TREO from 3.9 metres
The Phase 4 drill program at Makuutu has produced strong results. The infill drill holes across the Makuutu Central Zone confirmed near surface, thick REE bearing clays, and continues to validate the Makuutu deposit. Thickness of mineralised clay and minimal cover is crucial to minimising the operating cost, and Makuutu continued to deliver with results from this batch reporting approximately 25% of the intercepts within the Makuutu Central Zone exceeding 20m thick, and over 85% greater than 10 metres thick.
The extension holes in Areas G and H we expect will deliver new resource potential at Makuutu, and additionally, the results from area C were again very pleasing in providing greater confidence across this area to convert the considerable existing exploration target of 14 to 27 million tonnes to a resource in the next update
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This article includes content from Ionic Rare Earths Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
IXR:AU
E-Tech Resources
Overview
E-Tech Resources (TSXV:REE, FSE:K2i) is a Halifax, Nova Scotia-based exploration company developing its high-grade Eureka rare earths project in Namibia, a top-tier and mining-friendly jurisdiction in Southern Africa. The company is focused on exploring for neodymium and praseodymium, two critical minerals necessary for the global energy transition goals.
Part of the rare earth elements (REE) family of minerals, neodymium and praseodymium are essential to high-performance magnets used for electric motors, generators and electric vehicles. As demand for REEs is expected to increase by 400 to 600 percent over the next few decades, the focus is shifting toward developing a supply chain outside of China, which has long been a dominant supplier of the world’s REE.
The company's fully owned flagship Eureka project is located in the Erongo Mining Corridor of Namibia. The Eureka project has a maiden inferred resource of 310 kt at 4.8 percent TREO with grades ranging from 1 to 16 percent. The company believes there is strong potential to increase the inferred and indicated mineral resource by at least 0.5 to 1.5 million tonnes, based on a technical scoping study.
E-Tech Resources completed a combined diamond drilling and reverse circulation drilling campaign at Eureka in 2022, with final assays indicating significant intersections of 11.2 meters at 1.2 percent TREO, 2.2 meters at 2.4 percent TREO, 8.8 meters at 1 percent TREO, and 6.3 meters at 1.9 percent TREO.
In addition, preliminary pXRF drilling results1 for the Adder Target have confirmed a discovery zone with the presence of REE mineralization identified in multiple zones in a drill hole correlating with REE mineralization identified on surface. Mineralization remains open at depth and along strike.
The results are part of the ongoing extended exploration of one of the 17 targets identified through ground radiometric and magnetic geophysical surveys and a geological mapping program completed earlier.
The Eureka project is strategically located near several mines and projects, including Rossing Uranium's Rossing Uranium mine, QKR's Navachab Gold mine, Namib Lead and Zinc Mining's Namib Lead and Zinc mine, and AfriTin's Uis mine. Eureka has excellent infrastructure and access to a major highway, a railway, roads, power, water and skilled professionals.
The company has taken steps to expand its land holdings within the Erongo Mining Corridor in Namibia, by entering into an agreement to acquire an 85-percent interest in EPL 874, which lies adjacent to and surrounds the company’s EPL 6762. The approximately 165-square-kilometer EPL 8748 contains a significant portion of the prospective Eureka Dome, the geological feature hosting mineralised REE-bearing carbonatites. Approximately a third of the Eureka Dome falls within the boundary of E-Tech Resources’ EPL 6762 and the remaining portion falls on the adjoining license EPL 8748.
E-Tech Resources is committed to maintaining the highest ESG standards to sustainably supply the green economy and adhere to the guidelines of the United Nations' Sustainable Development Goals. E-Tech Resources plans to create a sustainability committee to guide its ESG efforts and will be conducting further environmental and social impact assessments as part of ongoing feasibility studies to maintain responsible sourcing. E-Tech Resources' Eureka project is currently expected to have no major negative socio-environmental impact on the region.
The company is exploring the potential of a feasibility study for a rare earth separation plant in Namibia. Recognizing the need for a de-risked supply chain for these strategic critical raw materials, E-Tech is collaborating with Ondoto Rare Earth, a private Namibian company developing the high-grade Ondoto bastnaesite deposit in northern Namibia, and Namibia Critical Metals (TSXV:NMI, OTCQB: NMREF), which is developing the tier-1 heavy rare earth project, Lofdal, a globally significant deposit of the heavy rare earth metals dysprosium and terbium. Together, the three companies will participate in a joint venture known as Rare Earth Alliance Namibia (REAN).
E-Tech Resources also signed a memorandum of understanding (MOU) with Novamera to evaluate the use of surgical mining and Novamera's technologies as the extraction method for the Eureka Project. The MOU sets out a series of milestones that include a conceptual surgical mining economic desktop evaluation (commencing immediately), Guidance Tool calibration activities and a bulk sample which could provide a more cost-effective and faster path to production, while also radically reducing environmental and social impact.
After evaluating the results of the current exploration program, the company engaged Gecko Namibia and Flightec Namibia to support ongoing exploration and development activities on the project. Phase 1 ultra-high resolution UAV-borne magnetic survey will be conducted by Flightec.
Company Highlights
- E-Tech Resources' fully owned flagship Eureka project is located in the Erongo Mining Corridor of Namibia and has a maiden inferred resource of 310 kilotons at 4.8 percent total rare earth oxide (TREO) with significant growth potential.
- The Eureka project is strategically located near several mines and projects, as well as excellent infrastructure, with access to a major highway, a railway, roads, power, water and skilled professionals.
- E-Tech Resources is focused on exploring for neodymium and praseodymium, critical minerals essential to permanent magnets for electric vehicles.
- Early metallurgical testing has indicated the potential to be one of the simplest REE projects to process in the world.
- Recently completed ground geophysical and exploration mapping programs at the Eureka project identified 17 robust targets for exploration drilling
- Preliminary pXRF drilling results1 for the Adder Target have confirmed a discovery zone with the presence of REE mineralization.
- E-Tech Resources is committed to maintaining the highest ESG standards in adherence to the United Nations' Sustainable Development Goals.
- E-Tech Resources is led by a highly skilled management team with a proven track record of success in the mining industry and capital markets.
Get access to more exclusive Rare Earth Investing Stock profiles here
High Priority REE Targets Identified At The Company’s Critical Elements Project
HIGHLIGHTS
- High priority REE (rare earth element) targets identified by expert geophysical consultants, Southern Geoscience
- Multiple radiometric anomalies and structural zones prospective for pegmatite intrusions identified
- REE targets are located on the Company’s exploration licences E09/2354 and E09/2377 in the highly prospective Gascoyne Province, Western Australia
- Initial exploration program to commence later this month, comprising ground reconnaissance, rock chip sampling and geochemical analysis
The high priority targets sit within tenements held by Reach Resources wholly owned subsidiary, Critical Elements Pty Ltd (Critical Elements), that were acquired in November 2021. The Critical Elements Project lies in close proximity to successful explorer Kingfisher Mining (ASX:KFM) and are also only ~80km south of the Company’s Skyline tenure, which is immediately adjacent to Hastings Technology Metals Limited (ASX: HAS “Hastings”), Yangibana REE development which has a current Ore reserve of 16.7Mt at 0.95% TREO for 158Kt (Refer HAS ASX Announcement 27 July 2021). (Refer to Figure 1).
Figure 1: Reach Resources regional locations
Southern Geoscience focussed on structural interpretation and target generation based on airborne magnetic data, with additional detail derived from interpretation of radiometric data and satellite imagery. Resulting from the interpretation was the identification of six REE targets within Reach tenure. A full list of identified targets within Reach tenure is included in Table 1 and depicted in Figure 2.
All targets display geological and structural complexity combined with previously identified prospective critical metal and/or REE mineral association.
Figure 2: Targets and Magnetics
Costeaning has been undertaken previously within the project areas and returned significant results including 12.4% Ta2O5, 32.0% Nb2O5, 0.95% WO3 and 0.25% Sn, from selective rock chip samples (Refer ASX Announcement 29 November 2021). REEs were not analysed at that time however thorium anomalism, which has been shown by Kingfisher Mining and others to be associated with REE mineralisation in the region, has also been identified on Reach tenure from the radiometric data for the area interpreted by Southern Geoscience.
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This article includes content from Reach Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
